ISLAMABAD: The federal government has pledged complete financial support for Phase-II of the Reko Diq project, reaffirming its commitment under the existing agreement with the Balochistan government.
During a recent visit to Quetta, Petroleum Minister Ali Pervaiz Malik—part of a delegation led by Finance Minister Senator Muhammad Aurangzeb—assured the Balochistan leadership of the Centre’s cooperation. The Economic Coordination Committee (ECC) has already approved proposals related to the project, which are under negotiation with stakeholders.
Chief Minister Sarfraz Bugti submitted several provincial concerns, including a request for a one-time amnesty on boat registrations. It was agreed that the Balochistan government would submit a list of 6,000 boats, while the Ministry of Maritime Affairs (MoMA) and Federal Board of Revenue (FBR) will pursue exemptions and cabinet approval.
Concerns about illegal trawling by Sindh-based vessels, which reportedly cause annual losses of Rs200 billion, were also raised. The Prime Minister’s Office will coordinate with federal agencies to establish a monitoring framework.
To bolster Gwadar Port’s viability, Balochistan proposed diverting Afghan Transit Trade through it. The Ministry of Commerce and Planning Division will strategize accordingly, while MoMA ensures port readiness.
The provincial leadership also demanded release of Rs3 billion in pending profit shares from Saindak Metals Limited. The Petroleum Division will release the amount and renew the mining lease days before its expiry. A revised financial model is to be prepared, enabling Balochistan to assume management control.
In another major development, the Centre agreed to transfer its 10% stake in Balochistan Mineral Exploration Company (BMEC)—held via Pakistan Mineral Development Company (PMDC)—to the provincial government free of cost, addressing delays in company decisions.
For Reko Diq, the federal government has reaffirmed its commitment to cover Balochistan’s 15% equity share in Phase-II. Approval from the provincial cabinet is expected soon.
Additionally, Balochistan’s 2.5% share in Margand and Block 28 (North) will be ensured with necessary rule relaxations. For Jandran Block, it was acknowledged that Balochistan failed to respond within the stipulated time in 2014. However, the federal government will now seek a one-time relaxation to ensure the province’s rightful share in both past and future transactions.
Story by Mushtaq Ghumman
